Tower predicts bank IT spending will grow
New research from the Tower Group, a Boston-based consultancy, concludes that despite an intense focus on cost-cutting at banks, IT spending will grow modestly over the next three years. While many believe the banking sector's malaise will continue to depress IT spending, Tower argues that EU institutions will spend on technology to drive down the cost of operations.
Virginia Garcia, a senior analyst at Tower, says IT spending will be driven by business objectives including operational efficiency, higher customer retention rates, risk mitigation and cost management.
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